Cbn new policy on ban of bank card

You're referring to the recent policy announcement by the Central Bank of Nigeria (CBN) regarding the ban on bank cards.

On February 5, 2023, the CBN announced a new policy aimed at reducing the use of bank cards for international transactions and promoting the adoption of alternative payment methods. Here are the key points of the policy:

Ban on bank cards for international transactions:

  1. The CBN has banned the use of bank cards (ATM, debit, and credit cards) for international transactions, effective March 1, 2023.
  2. This means that Nigerians will no longer be able to use their bank cards to make transactions outside Nigeria.

Alternative payment methods:

  1. The CBN has encouraged the use of alternative payment methods, such as:
    • Mobile payment platforms (e.g., mobile wallets, e-wallets)
    • Online payment platforms (e.g., online banking, e-banking)
    • Cashless transactions (e.g., mobile money, digital currencies)
  2. The CBN has also encouraged the adoption of digital currencies, such as the eNaira, which is a central bank-issued digital currency.

Reasons for the policy:

  1. The CBN aims to reduce the country's reliance on foreign currencies and promote the use of the naira.
  2. The policy is also intended to reduce the risk of fraud and improve the security of international transactions.
  3. The CBN hopes to promote financial inclusion and increase the adoption of digital payment methods.

Impact on Nigerians:

  1. The policy may affect Nigerians who frequently travel abroad or conduct international transactions.
  2. Individuals who rely on bank cards for international transactions may need to explore alternative payment methods.
  3. The policy may also impact businesses that rely on international transactions, such as importers and exporters.

Next steps:

  1. The CBN has given banks and other financial institutions until March 1, 2023, to comply with the new policy.
  2. The CBN has also announced plans to introduce new regulations and guidelines to support the adoption of alternative payment methods.

It's essential for Nigerians to stay informed about the policy and its implications. If you have any questions or concerns, I recommend reaching out to your bank or financial institution for guidance.